Section 163.067 - Nonnegotiable Purchase Money Notes(a) The agency may issue nonnegotiable purchase money notes to acquire land or fuel resources.(b) Nonnegotiable purchase money notes are:(1) payable in installments;(2) secured by the property acquired with the notes or other collateral the agency substitutes; and(3) not a security or agency obligation.(c) Nonnegotiable purchase money notes may be further secured by a promise to issue bonds or bond anticipation notes to pay the purchase money notes.Tex. Util. Code § 163.067
Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.